Health insurance is a crucial investment in your health and financial security. It pays for medical expenses and protects you from the high costs of a catastrophic illness or injury. It is a complex topic with many variables, and choosing the right plan requires careful research and analysis. The best way to determine which insurer and plan are right for you is to get feedback from friends, family members and coworkers. It is also important to look at customer satisfaction ratings, complaint histories and premium prices.

The cost of health insurance varies by insurer and plan. The monthly cost is called a premium, and it may be paid by the policyholder, employer or both. In addition to the cost of the premium, there are other out-of-pocket costs associated with a plan, such as coinsurance and deductibles. The deductible is the amount you pay out-of-pocket before the plan begins paying for care. Deductibles typically apply to out-of-network care, although some plans may waive the deductible for certain categories of services, such as preventive visits or prescription drug refills.

You will want to find an insurer that offers a wide range of plan options at each metal level, as well as a large network with doctors and hospitals in your area. In addition, you will want to check whether your preferred providers are in-network with each insurer. If they are not, you will need to decide whether it is worth switching providers or going with a different plan type.

Preferably, you will want a plan that includes a primary care physician (PCP) and that offers referrals to specialists. You will also want to choose a plan with a low deductible and a good out-of-pocket maximum, which is the highest amount you would have to pay before your plan starts covering your medical expenses. Finally, you will want to select a plan that is right for your budget.

Premiums, deductibles and out-of-pocket maximums vary widely among insurers and plans. The cost of the premium depends on many factors, such as age, location and tobacco use. In addition, the cost of a plan can vary by region due to coverage requirements and competition. A plan with a large network of doctors and hospitals is likely to be cheaper than a plan with a small network.

Lastly, you will want to consider whether the plan has any additional benefits such as a 24/7 nurse line or telehealth services. You may also be eligible for financial assistance, which can reduce the cost of a plan.

If you do not have employer-sponsored health insurance, you can shop for a plan on the federal Marketplace or a state exchange. You can also purchase a short-term plan, which is available for up to 12 months. These plans are a good option if you missed open enrollment, need to bridge the gap between jobs or have a qualifying event. Short-term plans do not cover pre-existing conditions, but they can provide a safety net for those unexpected health costs until you have more permanent coverage in place.